Singapore Airlines (SIA) has taken an 8.3% stake in Star Alliance partner Air New Zealand in a NZ$141 million ($70 million) off-market raid. The move, which has Wellington's approval, "probably" excludes rival bidder Qantas, says Sir Selwyn Cushing, chairman of ANZ and 47%shareholder Brierly Investments.
The purchase was of B-shares, those available to foreign investors, although Brierly denies speculation that it has agreed to sell SIA its own B-shares, amounting to 16.7%. Such a deal would give SIA 25% of ANZ - the current limit - but may have to await ANZ's purchase of Ansett Australia. Qantas hints that its own ANZ bid remains live.
Source: Flight International
